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Financial & Banking
BRD aells consumer loans from Romania
Monday, May 27, 2024
The BRD Group – Société Générale is selling the portfolio of consumer loans in Romania, RFI.ro reports. The BRD-Société Générale group has decided to sell the consumer credit division in Romania. Mass media, citing company releases, says that BRD Finance IFN is in the process of selling its loan portfolio. Societe ...
Garanti BBVA Romania contributes €48M to Ford Otosan loan
Monday, May 27, 2024
Garanti BBVA Romania contributed €48 million to the syndicated loan raised by Ford Otosan Romania, thus supporting the electrification of the auto industry in Romania. The financing will be used to support the production of the new Ford Puma, the Ford Transit Courier and Ford Tourneo Courier models, as well as the production of their all-electric versions. Garanti BBVA International NV separately ...
Freedom24, an innovative Stock Brokerage platform launches in Romania
Monday, May 27, 2024
Freedom Holding Corp, a NASDAQ-listed international investment group, has launched its global stock exchange trading platform, Freedom24, in Romania. Established in 2008, the group has extensive expertise across the US, Europe, and Central Asia and a market capitalization of approximately $4.8 billion. „We are confident that Freedom24 will be very well received on the Romanian ...
Exim Banca Romaneasca and Export Credit Greece, to collaborate for development of trade and investments
Monday, May 27, 2024
Exim Banca Romaeasca, as Romania's export agency, and Export Credit Greece signed a memorandum of understanding for the development of trade and investments between Romania and Greece, according to a press release sent on last Wednesday.The agreement was signed on the sidelines of the half-yearly meeting of the Prague Club of the Berne Union, organized for the first time in Athens, Greece, from May 21 to 23, 2024.Within the framework of the ...
tbi bank reports 40% growth and highest Q1 profit
Monday, May 27, 2024
tbi bank’s consolidated unaudited financial results for the first quarter of 2024 show net profit of EUR 11.3 million – almost 40% higher than the EUR 8.2 million profit achieved for the same period of last year. Throughout Q1 2024 tbi onboarded new merchant partners, including new verticals (like solar panels), and is now present in over 26.000 merchant partner ...
iBanFirst analysts: Currency war - Reality or fantasy?
Monday, May 27, 2024
In 2024, the strength of the dollar could trigger a new currency war. The market is concerned about the risk of competitive devaluations in Asia to counter the strong dollar. A devaluation of the yuan could be the first domino to fall, allowing China to regain competitiveness and boost its export-driven economy to pre-pandemic ...
ASF approves IPO for listing 28.5% of JT Grup Oil on Bucharest Stock Exchange
Monday, May 27, 2024
The Financial Supervisory Authority (ASF) approved in its meeting of Wednesday, May 22, the Prospectus for the initial public offering of 10 million shares for the listing of JT Grup Oil on the Multilateral Trading System of the Bucharest Stock Exchange, AeRO market. The initial public offer, which will be open for ten working days, will start on 28 May 2024 and will run until 10 June ...
Eurohold and EIG officially launched €500M arbitration proceedings against the Government of Romania
Monday, May 27, 2024
Eurohold Bulgaria AD (Eurohold) and Euroins Insurance Group AD (EIG) have officially filed a Request for Arbitration against the Government of Romania at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC. The claim is more than EUR 500 million. The dispute was announced on Wednesday evening on the Sofia Stock Exchange. “Eurohold and EIG have commenced the ...
NBR Board decisions on monetary policy
Monday, May 20, 2024
In its meeting of 13 May 2024, the Board of the National Bank of Romania decided: to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; to ...
Balance of payments and external debt – March 2024
Monday, May 20, 2024
In January – March 2024p, the balance-of-payments current account posted a deficit of EUR 3,945 million, compared with EUR 3,964 million in January – March 2023. The breakdown shows that the deficit on trade in goods widened by EUR 8 million, the surplus on services fell by EUR 434 million, the primary income deficit increased by EUR 382 million, while the secondary income surplus grew by EUR 843 ...
EC: Romania, the highest inflation in the EU, but also one of the highest economic growth
Monday, May 20, 2024
The spring economic forecast of the European Commission predicts an increase in Romania’s GDP by 3.3 percent in 2024, one of the best rates among the EU states. The lowest score of our country is the inflation rate, estimated at 5.9 percent, the highest in the European Union. Similar negative figures are for the government balance sheet. The ...
Isarescu, asked about the timing of this year's key interest rate cut: It might not come
Monday, May 20, 2024
The moment for the reduction of the key interest rate might not come this year, but if inflation for May is dropped, then the membres of the BNR board analyse the data, stated on last Wednesday the governor of the National Bank of Romania, Mugur Isarescu."They might not come. We're not saying. Mind you, when I said in February that it was two months of falling inflation I used another word, at least. And many people ...
BNR’s Lazea: To deepen the imbalances now seems to me a vain hope that someone else will pay
Monday, May 20, 2024
Deepening the fiscal imbalances through requesting facilities could be based on a vain hope that somebody else is going to pay the bill, stated on Tuesday, the Central bank (BNR) head –economist, Valentin Lazea at the annual AAFBR conference."I ask myself: those who are now asking for new tax breaks, salaries, I don't know what, knowing well in their minds that next year a correction will follow, what do ...
Alpha Bank Romania recorded, in Q1 2024, a net profit of EUR 16 million
Monday, May 20, 2024
Alpha Bank Romania (ABR) announces financial results for the first quarter of 2024, highlighting continued delivery against our strategy in various business segments and a net profit of EUR 16 million. The net loan portfolio was up 7% YoY in Q1 2023 to EUR 3.2bn, while the deposit portfolio was up 18% to EUR 3.5bn. At the same time, the Bank’s total assets reached EUR 4.7 billion, up 8% ...
tbi bank and Safety Broker launch a partnership offering Romanians interest-free installment insurance, including RCA
Monday, May 20, 2024
Consumers’ need for access to new efficient financing tools has increased in the current economic context, including in the insurance sector, where the cost of insurance policies is on an upward trend. tbi bank, one of the leading challenger banks in South East Europe offering flexible payment solutions, has partnered with one of the leading insurance brokers in Romania, Safety Broker. Customers can buy insurance, including RCA through the Buy Now, Pay Later ...
APS and EBRD invest in NPL portfolio in Romania
Monday, May 20, 2024
We are pleased to announce the successful completion of Project Delta on April 30, 2024. This significant transaction involved the acquisition of a participation in a portfolio of sub-performing and non-performing loans secured with real estate collateral in Romania, as well as unsecured loans, with a total transaction size of approximately €400 million. The portfolio comprised almost 1,800 loans, showcasing the scale and diversity of the assets ...
Garanti BBVA recorded a total loan volume of 9.2 billion lei in 2023
Monday, May 20, 2024
Garanti BBVA Romania recorded a net profit of 177 million lei in 2023 and operating revenues of 521 million lei. With these results, the bank successfully achieved its targets set for the previous year. Garanti BBVA recorded solid results both in terms of loans and deposits, reflecting the organization`s focus on maintaining a strong and balanced portfolio. Thus, Garanti BBVA recorded a total loan ...
2024 monthly Pillar II collections, 50 pct higher than last year
Monday, May 20, 2024
The monthly amount transferred in contributions to mandatory private pension schemes (Pillar II) is currently 50 percent higher than a year ago and double the figure 4 years ago, the Association of Romania's Privately-managed Pension Funds (APAPR) announced on Monday.According to the cited source, the managers of the mandatory private pension providers recently sent annual reporting letter No. 100,000,000 to one of the more than 8 ...
OTP Bank Romania's Q1 consolidated net profit at RON 2 ml
Monday, May 13, 2024
OTP Bank Romania's Q1 consolidated net profit was RON two million, down 88 percent year-over-year, the financial institution said in a release on Friday.The result was influenced by the lower revenues compared to the previous quarter, the higher operating expenses, and the new tax introduced in the banking sector in 2024, which requires the bank to pay an additional 2 percent of turnover. Consequently, the payable tax is now in excess of RON 13 million compared to RON ...
iBanFirst study: The 5 critical challenges of CEE companies expanding globally based on insights from the region’s pioneering global businesses
Monday, May 13, 2024
- IMF projecting a 2.8% GDP growth for Romania, and 3.1% GDP growth for Emerging and Developing Europe overall - surpassing the 1.7% of advanced economies, CEE is becoming a critical region for international business expansion. - As pioneering global businesses in CEE mature, they share challenges such as managing regional brand perceptions, accessing capital, managing local talent, understanding diverse consumer ...